Developed in partnership with Lloyds, part of Lloyds Banking Group, the new embedded solution is designed to help sole traders and landlords comply with new Making Tax Digital (MTD) for Income Tax requirements directly within the Lloyds Business Account.
Powered by BankiFi’s technology platform, the tool is available exclusively to Lloyds Business customers at no cost and with no subscription fee. It enables small businesses to keep digital records, submit quarterly updates to HMRC, access estimated tax views and complete end-of-year filing - all through the Lloyds banking app.
The launch reflects growing demand from small businesses for simpler, more connected financial experiences that reduce administrative burden and bring essential workflows into a single digital environment.
By embedding MTD functionality directly within the banking experience, Lloyds and BankiFi are helping small businesses move away from spreadsheets and disconnected systems toward a more seamless and integrated way of managing tax obligations.
Ruchir Rodrigues, BCB Client Strategy & Commercial Director at Lloyds, said: “Small businesses are looking for simple, cost-effective solutions that save time. By working with BankiFi to embed our Making Tax Digital tool within the Lloyds Business Account for free, customers can manage their tax administration directly within their banking app, without needing a separate accounting subscription.”
Mark Hartley, CEO at BankiFi, added: “This partnership is about delivering exactly what small businesses need, and in turn making Lloyds the best bank for businesses. Our platform enables Lloyds to quickly introduce the functionality customers want, while creating the foundation to continuously evolve their proposition in line with changing customer demand.”
As small business expectations continue to evolve, embedded financial workflows are becoming increasingly important in helping banks deliver more connected, practical and value-driven digital experiences.